Langford Mayor Stew Young said the speculation tax will only kill jobs and drive housing prices up. (Black Press file photo)

Langford Mayor Stew Young said the speculation tax will only kill jobs and drive housing prices up. (Black Press file photo)

Speculation tax a ‘job killer’ says Langford mayor

Stew Young says province needs to invest in affordable housing

The province’s speculation tax that will be expanded to include homes in the Capital Regional District will have impacts on residents in the West Shore as well.

Langford Mayor Stew Young said the speculation tax will only kill jobs and drive housing prices up.

“It’s a job killer and it’s going to devalue homes,” he said. “The reason they’re [the province] putting the tax in really is to lower the cost of housing. We build affordable houses in Langford. We’re a family community and we just want to make sure that their values don’t get diminished because of a speculation tax.”

RELATED: Rural cabins, cottages exempted from speculation tax

The B.C. NDP government proposed the tax, which would start later this year at 0.5 per cent of the value of a home this fall for B.C. residents. For other Canadians, the tax rises to two per cent in 2019. Foreign property owners would pay the full two per cent tax starting in February 2019.

The tax would hit everyone who owns property — but doesn’t pay provincial income tax — in the Lower Mainland, Capital Regional District, Nanaimo Regional District, Kelowna and West Kelowna. The Gulf Island and Juan de Fuca were recently exempt from the tax.

RELATED: Sidney to ask the province to rethink speculation tax

Other municipalities around Greater Victoria are sounding the alarm on the tax. Sidney recently voted unanimously to ask Premier John Horgan to reconsider the tax and an exemption as well.

In Langford, council voted to ask the province to opt out of the tax during a council meeting earlier this week.

Young added those who have purchased property in the West Shore, many on Bear Mountain, as a secondary home and don’t want to pay the tax will simply sell their homes and never come back.

RELATED: Speculation, foreign buyers’ tax won’t solve B.C.’s housing crisis: economist

“You shouldn’t be penalized if you’re from Alberta and buying a resort property or a second home anywhere in this country,” said Young, noting the province should invest in affordable housing rather than implement more taxes, and should have looked at the repercussions of such a tax.

“It may look good on paper, but there is going to be a serious problem here. When you take people away, you’re actually killing jobs for the people who live here who need to buy a house or pay a mortgage … When they stop coming, there’s going to be a whole bunch of homes for sale and the price of homes is going to drop like a rock.”


Like us on Facebook and follow us on Twitter

kendra.wong@goldstreamgazette.com

City of Langfordspeculation tax

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Langford council approved the 2021 budget request of $5,268,635 from the West Shore Parks and Recreation Society Tuesday night. Of the proposed budget, Langford was asked to contribute an increased amount of $158, 651, as the municipality’s growth rate was higher than other municipal partners on the West Shore. (Black Press Media file)
Langford approves $2.8M for West Shore Parks and Recreation

Unanimous budget approval required by all West Shore partner municipalities

Greg Chow is the 2021 Local Hero of the Year. (Don Denton/Black Press Media)
Fighting fire a family affair for Colwood Assistant Chief Greg Chow

With 38 years of service, Greg Chow is the 2021 Hero of the Year

The Gordon Head Recreation Centre stands in as the Quimper Regional Hospital on Feb. 23 for filming Maid, a 10-part Netflix series. (Greg Sutton/District of Saanich)
Netflix transforms Saanich recreation centre into hospital for filming

Facility was closed to public Feb. 23 for filming of Maid

Dr. Bonnie Henry talk about the next steps in B.C.'s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
456 new COVID-19 cases in B.C., 2 deaths

Since January 2020, 78,278 have tested positive for the novel coronavirus in B.C.

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Feb. 23

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

(Black Press Media File Photo)
POLL: Are you struggling with Greater Victoria’s cost of housing?

While Victoria remains one of the most expensive cities in the country… Continue reading

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. (THE CANADIAN PRESS/Nathan Denette)
Vaccinating essential workers before seniors in B.C. could save lives: experts

A new study says the switch could also save up to $230 million in provincial health-care costs

Photograph By @KAYLAXANDERSON
VIDEO: Lynx grabs lunch in Kamloops

A lynx surprises a group of ducks and picks one off for lunch

Two women were arrested in Nanaimo for refusing to wear masks and causing disturbance on a BC Ferries vessel. (File photo)
B.C. ferry passengers arrested and fined for disturbance, refusing to wear masks

Police said woman threatened their pensions in Feb. 21 incident aboard Nanaimo-bound boat

A Nanaimo RCMP vehicle in the Woodgrove Centre parking lot. (News Bulletin file photo)
Woman groped by stranger in mall parking lot in Nanaimo

Incident happened near bus loop Saturday, Feb. 20, at about 4:45 p.m.

A 19-year-old man is in police custody following a recent violent robbery and assault in Comox . (File photo)
Arrest made in violent robbery and assault of Comox gas station employee

19-year-old man in police custody after incident where woman was putting things in her car

When his owner had knee surgery, Kevin, 2, was able to continue to go for walks thanks to volunteers from Elder Dog Canada. (Contributed photo)
B.C. woman has nothing but praise for Elder Dog Canada

National organization has a fleet of volunteer walkers ready, but needs more clients to serve

Most Read